Absa Bank Digital Savings: The Covid-19 pandemic propelled the adoption of cashless payments for millions of people around the world and in Africa. This adoption continues to grow with reports suggesting that the global cashless payments volumes are expected to increase by more than 80% in 2025 and almost triple by 2030.
Africa, especially countries like Kenya are keeping up the pace. A McKinsey survey suggests that despite cash still being the King, its supremacy is likely to be challenged in the coming years as digital payments gain momentum with banks like Absa rushing to have a piece of this cake by offering an array of digital banking solutions.
Furthermore, the African Digital Banking Transformation Report 2023 highlights that the cost savings of digital platforms make it more commercially viable for banks to target an ever-growing proportion of the population. In the brick-and-mortar days, the report notes that many African banks focused on large companies and high-net-worth individuals, with some requiring US$1,000 opening balances. This meant that they were less effective in supporting economic development and excluded lower-paid employees, and young people from financial services.
‘’As the current technological revolution has attracted more customers into the sector, even traditional banks have woken up to the long-term benefit of having a far large customer base. ‘’ the report says.
Last month, Absa Bank launched a new campaign to enhance its key digital banking features, such as a savings account with a competitive rate and digital loan top-ups. The campaign dubbed ‘’ Every Kind of Financial Solution for Every Kind of You” delivers a holistic set of financial services by enhancing key online banking features.
Under this campaign, opening an Absa Bank Digital Savings Account will reward you as you work towards your savings goals. The account earns you an interest rate of 9% per annum and is exclusively available on Absa’s digital platform and is accessible through their website.
How to open the Absa Digital Savings account
To open a savings account, visit the Absa website here Click on Save, select your Savings Account of choice, click Apply Online and follow the prompts.
All you will need is just a copy of your Kenyan National ID (You can also take a picture of your I.D. with a maximum size not exceeding 2 G.B.), Sample signature (signed on white paper) and you will be good to go.
Get started on your savings journey with Absa NOW.